The impact and transmission mechanisms of financial agglomeration on eco-efficiency: Evidence from the organization for economic co-operation and development economies

被引:24
作者
Cui, Shibo [1 ]
Wang, Zixuan [2 ,3 ]
机构
[1] Dalian Univ Technol, Sch Econ & Management, Dalian 116024, Liaoning Provin, Peoples R China
[2] North China Elect Power Univ, Dept Econ Management, Baoding 071003, Hebei Province, Peoples R China
[3] North China Elect Power Univ, Dept Econ Management, Huadian Rd, Baoding 071003, Hebei Province, Peoples R China
关键词
Financial agglomeration; Eco-efficiency; Green sustainable development; Spatial Durbin model; Mediating effect model; Panel threshold regression model; GEOGRAPHIC CONCENTRATION; ENERGY-CONSUMPTION; GROWTH; URBANIZATION; INNOVATION; COSTS; SIZE;
D O I
10.1016/j.jclepro.2023.136219
中图分类号
X [环境科学、安全科学];
学科分类号
08 ; 0830 ;
摘要
Whether financial agglomeration is conducive to eco-efficiency is of great importance for countries to better pursue cleaner production, low carbon emission reduction, and sustainable development paths. This paper fo-cuses on 38 Organization for Economic Co-operation and Development (OECD) members. Based on the scientific accounting of green eco-efficiency by the super-efficiency slack-based measure (SBM) model, the relationship between financial agglomeration and eco-efficiency is thoroughly investigated by combining the spatial Durbin model (SDM), the mediating effects model, and the panel threshold regression (PTR) model, bridging the knowledge gap. Empirical results reveal that (1) Financial agglomeration has strong positive externalities for eco-efficiency in the home country and its neighbors, with the trickle-down effect playing a key role. (2) Financial agglomeration can indirectly promote cleaner production and eco-efficiency by strengthening technological innovation and upgrading industrial structure, with the latter being more strongly mediated. (3) The effect of financial agglomeration in enhancing eco-efficiency has clear stage differences. The low-level financial agglomeration will impede the improvement of green eco-efficiency while the high-level will support it, which is in line with the Environmental Kuznets Curve theory and the law of economic development. The research broadens the theoretical underpinnings of financial agglomeration and eco-efficiency and provides guidance and implications for OECD members and other emerging economies on how to optimize the spatial allocation of financial resources, promote eco-efficiency, and advance green sustainable development.
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页数:15
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